A group representing Swiss bankers demanded an apology from Credit Suisse boss Brady Dougan on Thursday after he said the practice of helping Americans conceal their wealth was the work of a few dishonest employees.
Reuters reports that the American-born CEO told a U.S. Senate subcommittee on Wednesday that he and other top managers were not aware a small group of Credit Suisse private bankers had helped U.S. customers evade taxes with offshore accounts.
'The evidence showed that some Swiss-based private bankers went to great lengths to disguise their bad conduct from Credit Suisse executive management', Dougan told the senators.
He said the wrongdoing appeared to have taken place before 2009 despite 'industry-leading compliance measures' at the bank.
The body representing staff at Credit Suisse and other Swiss banks reacted with astonishment to Dougan's comments, saying it was 'hardly credible' that the bank's bosses knew nothing of the practices.
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image: © Alan Bruce